By Paul A. Harris
St. Louis, March 2 - iStar Financial Inc. priced a quick-to-market $250 million issue of 10-year senior notes (Ba1/BB+) at 99.656 with a 5.7% coupon to yield 5.746%, a syndicate source said.
Price talk was in the area of 170 basis points over Treasuries.
Lehman Brothers ran the books on the Rule 144A issue, which has registration rights. JP Morgan was the joint lead manager. The co-managers were Banc of America Securities, Deutsche Bank Securities, Goldman Sachs & Co. and Wachovia Securities.
Proceeds will be used to repay secured debt and fund investments.
The issuer is a New York City-based real estate finance company.
| Issuer: | iStar Financial Inc.
|
| Amount: | $250 million
|
| Maturity: | March 1, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Lehman Brothers
|
| Joint lead manager: | JP Morgan
|
| Co-managers: | Banc of America Securities, Deutsche Bank Securities, Goldman Sachs & Co., Wachovia Securities
|
| Coupon: | 5.7%
|
| Price: | 99.656
|
| Yield: | 5.746%
|
| Spread: | 170 basis points area
|
| Call protection: | Treasuries plus 50 basis points make-whole call
|
| Pricing date: | March 2
|
| Settlement date: | March 9
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | Treasuries plus 170 basis points area
|
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